Will I get accepted for loan? UK QUESTION?

UK QUESTION
Hey I am looking for some information on getting a loan, I want to take out a loan of 拢5000 to pay for car and insurance. I have been on comparison sites and I think if I was to get a 拢5000 loan over 5 years I am going to be paying about 拢100 per month which is ideal for me.

I am 18, a student and just recently became unemployed. I recieve SAAS funding because I am a student and from that I know for definite that I will be able to pay this monthly 拢100 towards the loan.

The thing is I stop for summer break for around 2 months at the end of June so unless I find a job I will have no income. I feel I will be able to pay the 拢100 for the loan as I have savings which will be enough to keep me going until I go back on my course after summer and start getting my SAAS funding again.

Do you think I will be accepted for a loan if I don't manage to find another job?

(Please dont leave comments about how I am too young to take out loan to get car lol)

thanks

For people saying get a job, I officially live in one of the most deprived areas in the uk!!!!!!! unemployment is sky high here. The whole area fighs tooth and nail if a job in mcdonalds comes up lol

Statisticly yes you should.

Well I wouldn't lend it to you

You should be able to get it.

I THINK AS YOUR NOT WORKING THE CHANCES ARE SLIM-THERE ARE COMPS THAT WILL LEND TO YOU BUT BECAUSE YOUR WHAT THEY WOULD CLASS AS HIGH RISK THEIR CHARGES WILL BE VERY HIGH

I doubt it. Banks/loan companies want hard evidence that you will be able to pay back the loan, such as a secure, full-time job that pays enough for you to make the repayments. I can't say for sure what their regulations are, but I doubt that your SAAS funding will be good enough for them, sorry.

You may well be able to get a loan, but probably not at the price you think you will. You would be in a high risk bracket for most lenders and as such the interest rates would be a lot higher and you would end up paying significantly more for your loan.

I would suggest that you hold tight, save up and buy a cheaper car with actual cash rather than a loan.

You may think you can pay it off fine but when your circumstances change suddenly in the future, you will have serious problems. And if that happens, your credit rating will take a long time to fix.

I hope not.....you don't have a regular income so how are you going to prove you can pay in a years time??. Bad lending and the credit crunch has caused banks to tighten up on lending money to people . A lot of loan company's in the UK don't lend to anyone under the age of 21 anyway.
Buy an old banger and save up for a better car instead of getting yourself into debt you cannot afford.

are you sure those figures are correct, seems a very cheap loan 拢5,000 over 5 years at 拢100 = 拢6,000 repayment. I am also suprised that you are able to apply or even get accepted for a loan on SAAS, my 2 daughters are at uni and what with there SAAS and bursary ( maximum fundings) combined they still dont have much to live off and need part time jobs for the bare essentials never mind financing a car!
Think again if I was you.

How to make this work ...

1) Don't borrow the insurance costs on the loan - bad idea - lasts for one year - paid over 5.
2) Borrow less money - 1k or 2k is more realistic. 3k max. The reduce the term - do not ask for more than 2 years.
3) Consider using some of your savings to reduce the amount you borrow - banks will like this.

How can you not find a job during the summer!!!???!!

Wrong message - you need to say that you will find a job - get to McDonalds if you need to pay that debt.

Option 2: Pay for the car on a credit card - bad idea - but may be your only option. Pay it off ASAP - not more than 24 mths.

NOTE: cars break down - take money to run and are money pits. You need to put aside 500 pounds/year for maintenance and tax (in addition to petrol).

If the figures don't add up - get working hard now and save, or keep to buses.

Be very careful as you will be paying 拢100 a month for years,not just months. It may not seem like it but it IS a long time. I know because I've been up to my eyes in debt twice & believe me you DON'T want to go there. You may get a loan offered to you, but at a high interest rate as you are unemployed & payments will be a lot higher than 100 a month. Good luck.